A. Except as otherwise provided in § 58.1-2609, the equalized assessed valuation of the property of any public service corporation or other person with property assessed pursuant to this chapter in any taxing district shall be made by application of the local assessment ratio prevailing in such taxing district for other real estate as most recently determined and published by the Department of Taxation.
B. On request of any local taxing district in connection with any reassessment of property, representatives of the State Corporation Commission and the Department shall consult with representatives of the district with regard to ascertainment and equalization of values to help assure uniformity of appraisals and assessments in accordance with the provisions of this section.
C. The Department of Taxation shall furnish to each county, city or town in which the property of public service corporations or other persons with property assessed pursuant to this chapter represents twenty-five percent or more of the total assessed value of real estate in such county, city or town, the local assessment ratio to be applied within that county, city or town no later than April 1 of the year for which it is applicable.
D. The Department of Taxation shall furnish to each county, city or town, by April 1 of each year, a description of the manner in which the local assessment ratio applicable to the county, city or town for the year was determined. The description furnished by the Department shall include, but not be limited to, a description of the parcels used, the time period from which sales transactions were drawn, the classification applied by the Department to any parcel or transaction, and any mathematical formulas used in calculating the local assessment ratio.
Code 1950, § 58-512.1; 1966, c. 541; 1975, c. 620; 1976, c. 687; 1977, c. 210; 1979, c. 160; 1983, c. 570; 1984, c. 675; 1993, c. 529; 1999, c. 971.
Structure Code of Virginia
Chapter 26 - Taxation of Public Service Corporations
§ 58.1-2603. Local levies to be extended by commissioners of the revenue; copies; forms
§ 58.1-2604. Assessed valuation
§ 58.1-2606.1. Local taxation for solar photovoltaic projects five megawatts or less
§ 58.1-2607. Local taxation of real and tangible personal property of railroads
§ 58.1-2608. State taxation of railroads, telecommunications companies
§ 58.1-2610. Penalty for failure to file timely report
§ 58.1-2611. Penalty for failure to pay tax
§ 58.1-2626. Annual state license tax on companies furnishing water, heat, light or power
§ 58.1-2626.1. The Virginia Coal Employment and Production Incentive Tax Credit
§ 58.1-2627.1. Taxation of pipeline companies
§ 58.1-2629. License taxes of corporations commencing business
§ 58.1-2630. Gross receipts in cases of acquisition of business
§ 58.1-2631. Gross receipts in cases of consolidation or merger
§ 58.1-2633. Assessment by Commission
§ 58.1-2634. Copies of assessment forwarded to interested parties
§ 58.1-2635. Date of payment of taxes
§ 58.1-2636. Revenue share for solar energy projects and energy storage systems
§ 58.1-2652. State tax on rolling stock; date of payment
§ 58.1-2653. Annual report of railroads and freight car companies
§ 58.1-2654. Annual report of motor vehicle carriers
§ 58.1-2654.1. Penalty for failure to properly file annual reports
§ 58.1-2655. Assessment by Department and Commission
§ 58.1-2656. Valuation of sidetracks, double tracks, etc.
§ 58.1-2657. Copies of assessments to be furnished to taxpayer and local officials
§ 58.1-2658. Distribution of certain taxes collected; prohibition of certain local taxes
§ 58.1-2658.1. Distribution of certain taxes collected
§ 58.1-2659. Article not applicable to companies exempt by federal laws
§ 58.1-2660. Special revenue tax; levy
§ 58.1-2662. Computation of revenue tax on railroads
§ 58.1-2662.1. Gross receipts of telephone and telegraph companies
§ 58.1-2662.2. Gross receipts of companies furnishing water, heat, light or power
§ 58.1-2663. How taxes assessed, collected and paid
§ 58.1-2664. When taxes not to be assessed or assessed only in part
§ 58.1-2665. Use of taxes collected under this article
§ 58.1-2670. Application to Commission or Department for review
§ 58.1-2670.1. Application to court to correct erroneous local assessment ratio
§ 58.1-2671. Setting for hearing and notice to adverse parties
§ 58.1-2672. Review on motion of Commission
§ 58.1-2673. Correction after hearing or investigation; proceedings for enforcement
§ 58.1-2674. Notice to Commonwealth
§ 58.1-2674.1. Application for correction of certification to Department of Taxation
§ 58.1-2675. Appeals to Supreme Court
§ 58.1-2676. Action of Supreme Court thereon
§ 58.1-2680. Reports to include location by districts, etc.
§ 58.1-2681. Copies of assessment for local officials; contents
§ 58.1-2682. District boundaries to be furnished company and Commission